Shinhan Card, the largest card company in South Korea, has announced plans to introduce a blockchain-powered payment system for its users.
Adopting Blockchain for Credit Card Payments
According to a report by Ledger Insights, Shinhan Card, a company affiliated with Shinhan Bank, disclosed that it will be one of the first companies in the country to implement blockchain technology to credit card payments.
Moreover, Shinhan Card’s Digital Lead Ryoo Tae-Hyun told Korea Times in an interview that the company is developing solutions using the latest technologies such as the Internet of Things (IoT), facial recognition, and distributed ledger technology (DLT) for transactions, adding that the firm has plans to launch its own cryptocurrency in the future.
“With our system, we [will] provide our customers with cryptocurrencies available at our affiliated stores, in accordance with their credit limits,” said Ryoo. “Cryptocurrencies developed by other blockchain companies can only be used at a limited number of stores. Ours can be used at a wider range of places, because we have served as a platform for our customers and affiliated stores for over the past 30 years.”
Ryoo also stated that Shinhan Card’s plans to introduce its own cryptocurrency would integrate IoT into its payment systems.
“We [have] installed our payment module in products from Hyundai Motor and LG Electronics. Our customers will be able to do grocery shopping with LG ThinQ refrigerators,” said Ryoo.
Shinhan Bank has been actively developing projects that used blockchain technology, including its project with Kakao’s Ground X to develop a blockchain security system.
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